Growing fast in a slow market

Phoenician Properties Realty, a real estate company that caters to move-up buyers in the Phoenix area, was the fastest-growing residential real estate brokerage company and ranked 286th on the Inc. 5,000 list of the fastest-growing private companies. The company was seventh among fastest-growing companies in the real estate category. Phoenician Properties Realty, founded in 2001, had 2006 revenue of $8.8 million in 2006, compared to revenue of $897,241 in 2003, according to a report at Inc.com.

Ranking first in the real estate category and 20th overall was Noble Investment Group, a real estate firm founded in 1993 that had 2006 revenue of $54.9 million. The company "uses private equity financing from state pension funds, a university endowment and 12 company principals to purchase, develop and operate hotels."

Second on the real estate list and 53rd overall was Great American Title Agency, based in Phoenix, Ariz. This company, founded in 1998, had 2006 revenue of $8.8 million and 66 employees. The description states, "For six years, the company did strictly title work. When it added escrow services in 2004 it was able to get an even bigger piece of Phoenix's housing boom. Now that the market has slowed, growth is again coming from the title side of the business -- especially in the foreclosure market."

Highland Homes of St. Louis, Mo., which specializes in building and selling "environmentally friendly" condos and homes, ranked eighth among fastest-growing real estate companies.

City Financial Home Loans of Pompano Beach, Fla., ranked 15th in the real estate category and First Madison Mortgage of Rockville, Md., ranked 16th. City Financial Home Loans specializes in "nationwide mortgage refinancing of loans averaging $250,000 for residential and commercial properties, helping subprime borrowers with blemished credits obtain financing," according to the Inc.com report. "While more than 100 banks nationwide have gone out of business in the past five months, the Florida-based company has expanded by opening a title company and consolidating its number of employees."

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